Remodel or move?
This is a question we hear a lot. With so many great neighborhoods to choose from in Cincinnati, the question can be a bit of a gray area, rather than black and white.
For most people, money will play a dominant role in the decision. Even in the world of seemingly black and white, dollars and cents, the question tends to be a little tricky. Let’s look at some of the factors.
You should strongly consider remodeling your Cincinnati home when:
- You love your neighborhood/neighbors.
- Moving would mean a change in schools for your children.
- You like your current home with some exceptions.
- You have an emotional attachment to your home and have the money to make the changes.
- You would rather invest money in your home than in closing costs and moving costs.
- Property values in your neighborhood are rising.
- Your home is not at the peak value for the neighborhood.
You Should Consider Building a New Home When:
- Lots or existing homes are available in an area or neighborhood you really like at a reasonable cost.
- The cost of remodeling your existing home will far outpace its resale value.
- You want to live in a home that has a special view or unique amenities that cannot be added to your existing home.
So, how do you evaluate your situation? Do a little homework regarding the trends in your neighborhood by looking at the values of the housing around you. On one hand, if your house is already priced at the top of the market, you may not be able to recoup the cost of extensive remodeling. On the other hand, if your home is valued lower than those around you, you may experience a great increase in appreciation through well-planned remodeling.
Building a new home also requires a lot of homework. Ask yourself what your family's needs are with respect to space, location, lifestyle, hobbies and commutes. What kind of community appeals to you? What are the trends in the neighborhoods you would consider building in and, how much will it cost to build and relocate to a new home? Don't forget to figure in the costs not directly related to the construction of your new home such as closing costs, property taxes and moving expenses.
Remodeling and building are both viable options and each has its advantages. There is no substitute for good research when it comes to assessing the trends and history of home values in your neighborhood. You should consult with a professional realtor before making your final decision, and Bauscher Construction can also provide you with a free evaluation of the potential costs of either option.
You might also like:
Should I Hire an Architect First or a Remodeler?